Revenue Management

Property managers want to lease to a prospective resident at a fair price, but don’t want to concede too much in lease negotiation. Revenue management is about finding the perfect point in the middle, where the price is right in the customer’s view and yet still adds to the bottom line. If it’s priced too low, you’ve lost money. If it’s priced too high, you’ve lost the customer. In short: The challenge is to sell the right resources to the right customer at the right time for the right price.

How a Contact Center can Create Golden Opportunities

Like many days in the front office, this one is hectic. The phone rings as a leasing representative checks the package delivery log-in for a waiting resident. The phone keeps ringing. A maintenance tech distracts the representative and asks about the paperwork for a service call in Building C. “It’s on the clipboard,” she says[]

The dangers of not vetting your vendors

The Dangers of Not Vetting your Vendors

Wacky incidents involving contractors damaging apartments during construction or renovations may seem hard to imagine. But serious damage and liability can result from those sometimes seemingly comical bumps, oopsies, and drops. Just listen to these doozies, all true stories shared by Compliance Depot: A cement truck enters an apartment community drive for a concrete pour[]

Spend Management Multifamily

Properties can Add PEPP to their Step and Save through Spend Management

How effective are your spend management practices? Not many property managers or owners would turn down an opportunity to save $10,000, or they’d at least take a good look at how to do so. That’s what RealPage says is possible, when using the right spend management solutions. Based on a 200-unit apartment, a comprehensive spend[]

Apartment Pricing Multifamily

Predictive Analysis is Now Leading the Evolution of Apartment Pricing

The modern age of the apartment industry is looking a little like America’s favorite pastime. New advances in revenue management, driven by data science remind many of the sabermetrics now prevalent in baseball. You may recall the story in 2002 of how Oakland A’s general manager Billy Beane, facing a low budget and the loss[]

Budgeting Property Management

What Went Wrong with Your Budget and How Can You Improve it?

Your budget year has just begun and already it’s out of whack. Even though occupancy is trending with the national average or better, expenses are unexplainably showing variances that need to be explained. How could this happen? Examining your Budgeting Process One way is that your managers were not mentored on how to read and[]

12 Ways a Vendor Network can Strengthen Vendor Relationships

The vast world of multifamily can be difficult for vendors and contractors to navigate. Vendor networks offer companies that provide services relevant to apartment operation a way to find the thousands of properties who often need help. But the success of vendors – and the ultimate benefit they provide to property managers – depends on[]

Property management system check

Your Apartment Property Management System Health Check

Times are a-changin’ in the rental housing market. Growing market demand pushes occupancy to the limit, making a property look good at first glance.—but a deeper look into the property may reveal a different story. Checking your Property Management System Health Good property health goes beyond maintaining high occupancy, low overhead and consistent rent collection.[]

Apartment Utilities Savings

5 Tips to Saving Big Money Managing Apartment Utilities

Saving on Apartment Utilities More and more, all eyes are on energy and water usage. Investors, property owners and even residents pay close attention to utility bills. In some areas, local and state regulators require that energy performance be reported to the Environmental Protection Agency. The impact of utilities may seem to affect either the[]

Revenue loss

Top 4 Revenue Management Mistakes To Avoid

The multifamily space is dynamic and complex, changing daily based on a number of factors. When it comes to determining optimal rental rates, it’s crucial to have the most up-to-date information possible for making educated decisions and staying ahead of the competition. But even the most conscientious and talented property managers have a hard time[]

Data

Six Reasons Your Property Needs a Revenue Management System

No successful business professional would close a deal without first understanding all the facts. But when revenue management decisions are made based on limited or skewed information, a property management company can lose considerable amounts of money and unintentionally drive away business. For property managers, getting apartment rents right is often a major challenge. But[]

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